Special Distribution to WPHC. 10.3.1 Immediately after the Construction Loan Closing, the Company shall make a distribution to WPHC as a return of its capital in the amount allowed for such purpose under the terms of the Construction Loan. 10.3.2 Immediately after the closing of the sale of the Infrastructure Land, the Company shall make a distribution to WPHC as a return of its capital in the amount of the net proceeds from the sale of the Infrastructure Land and any related improvements or property.
Appears in 2 contracts
Samples: Operating Agreement (Wellsford Residential Property Trust), Operating Agreement (Equity Residential Properties Trust)
Special Distribution to WPHC. 10.3.1 Immediately after the Construction Loan Closing, the Company shall make a distribution to WPHC as a return of its capital in the amount allowed for such purpose under the terms of the Construction Loan.
10.3.2 Immediately after the closing of the sale of the Infrastructure Land, the Company shall make a distribution to WPHC as a return of its capital in the amount of the net proceeds from the sale of the Infrastructure Land and any related improvements or property.
Appears in 2 contracts
Samples: Operating Agreement (Wellsford Real Properties Inc), Operating Agreement (Wellsford Real Properties Inc)
